Philippines the Latest Country to Trial Polymer

Bangko Sentral ng Pilipinas (BSP) has confirmed that it will trial a run of ‘a few hundred million pieces’ of the 1,000 piso on polymer during the first half of 2022.

According to Mamerto Tangonan, Deputy Governor, the trial will enable the BSP to assess whether the benefits of polymer claimed by other central banks hold true under Philippine conditions.

He cited the advantages of longer durability, cleanliness and security offered by polymer notes compared with cotton paper ones. In particular, he referred to the recyclability of polymer and its anti-bacterial properties, which he said were greater than paper, and that the BSP started looking into polymer during the pandemic for this very reason.

The current annual production of banknotes for the BSP is in the region of 3.6 billion, so a shift to polymer for some or all of the denominations would represent a considerable coup for the polymer substrate suppliers.